Summary:
- BoE Dr Catherine L Mann speaks about monetary policy.
- Pound sterling could face further depreciation if the BoE fails to be more forceful.
BoE hold over the value of the GBP
On Monday, BoE Dr Catherine L Mann spoke to the world. As a member of the Bank of England’s (BoE) Monetary policy committee, which is responsible for setting future monetary policy decisions. Traders watch her speeches closely for any subtle clues regarding the future of monetary policy changes. Her comments today indicated that the pound sterling would likely face further depreciation if the BoE fails to be more forceful.
Mann indicated that unless the Bank of England acted more forcefully, the pound sterling is at risk of weakening further and pushing UK inflation even higher, unless the BoE adopts a more activist approach. Mann also indicated that she voted for a 50bps hike in interest rates at the June policy meeting, but was outvoted by her peers, and a 25 bps move was agreed upon instead.
Sources: finance.yahoo.com, poundsterlinglive.com
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